Segregated Portfolio Companies (BVI Business Company) (Amendment) Regulations, 2018

Summary

This 2018 statutory instrument amends the Segregated Portfolio Companies (BVI Business Company) Regulations, 2018. It removes a restriction in Regulation 6 concerning segregated portfolio companies and replaces the fee schedules for application, approval, and annual fees payable to the BVI Financial Services Commission.

• Regulation 6 change: Deletes subregulation (3) of Regulation 6 and removes the words making subregulation (2) subject to it, so the restriction previously found in subregulation (3) no longer applies to BVI business company SPCs.
• Application and approval fees (Schedule Part I): Sets new fees: US$450 (plus US$400 per segregated portfolio) to incorporate a company as an SPC; US$250 to approve an incorporation application; US$950 (plus US$400 per portfolio) to register an existing company as an SPC; US$900 to approve a registration application; US$250 each for notifying creation, termination or intended termination, or reinstatement of a segregated portfolio; and US$250 for any other unprescribed Commission service.
• Annual fees (Schedule Part III): An SPC must pay an annual fee of US$450 for the company plus US$400 for each segregated portfolio in existence as at the date annual fees are due under the BVI Business Companies Act.
• Commencement: The Regulations come into force on the day the BVI Business Companies (Amendment) Act, 2018 is brought into force, rather than on a fixed date.

Key obligations

• A BVI business company SPC must pay an annual fee of US$450 for the company plus US$400 per segregated portfolio in existence, by the date annual fees are due under Part III of Schedule 1 of the BVI Business Companies Act.
• An applicant incorporating a company as a BVI business company SPC must pay US$450 plus US$400 per segregated portfolio included in the application, and US$250 for approval of that application.
• An applicant registering an existing BVI business company as an SPC must pay US$950 plus US$400 per segregated portfolio included in the application, and US$900 for approval of that application.
• An SPC must pay US$250 to notify the Commission of the creation, termination or intended termination, or reinstatement of a segregated portfolio.

Applies to

BVI business company SPCs (segregated portfolio companies), applicants seeking incorporation or registration as a BVI business company SPC

Deadlines

• day the BVI Business Companies (Amendment) Act, 2018 is brought into force: Commencement date of these amendment Regulations
• by the date annual fees are due under Part III of Schedule 1 of the BVI Business Companies Act: Deadline for an SPC to pay its annual fee (US$450 plus US$400 per segregated portfolio)